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China to 'immediately' apply measures agreed in trade truce with US

Rafael Nash |Monday, December 10, 2018

Trump: 'very strong signals' that China is ready for a trade deal

There's no official, confirmed statement of what China agreed as part of the deal, although U.S. President Donald Trump tweeted that China had already agreed to lower tariffs on American cars, and Bloomberg reported on Wednesday that China was preparing to restart imports of U.S. soybeans and LNG.

The two sides have been communicating and cooperating smoothly, and China was confident in striking a deal with the USA within the next 90 days, Gao said.

"In the next 90 days, we will follow a clear timetable and roadmap to hold consultation on issues of intellectual property rights protection, technological cooperation, market access and trade balance that conform to the interests and demands of both sides, and the two sides should strive to reach consensus", Gao said. As part of the agreement, the U.S. government has chose to hold off on raising tariffs on $200 billion worth of Chinese goods from 10 percent to 25 percent on January 1.

President Donald Trump is attempting to even the global trading field, which has led to tariffs being placed on steel and aluminum imports from certain countries, along with several products made in China. It would also begin buying products from United States farmers "immediately", the USA said. Beijing, in exchange, has agreed to buy an unspecified but very substantial amount of agricultural, energy, industrial and other products from the United States to help reduce the trade imbalance.

The two sides will also negotiate "structural changes" to forced technology transfer, intellectual property protection, cyber intrusions and cyber theft, services and agriculture, according to the White House. It was unclear if Gao was referring to the tariffs in his remarks to reporters.